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, a debt overhang discourages new capital from coming in. if you don't know, think of detroit. would you lend to detroit today? you wouldn't. you would want to find out what happens to others who lend to detroit. there is the longer-term agenda. that has to do with potential growth. that speaks to education. it speaks to some micro things that we should be doing. one of the problems of the fed being the center of attention is it diverts discussion away from other things. there is this whole set of other things that are more important for us and for the next generation, that this whole narrative have shifted away from. >> as chief of the white house global council of economics, what types of new projects are you working on? >> you have promoted me. [laughter] i am grateful to be chair of the council on global development. the notion is very simple. part of securing u.s. national security and economic future and living in a global neighborhood that is more prosperous. it has had numerous advantages. the idea is to contribute and bring in outside perception. we are a council made of people
for detroit. 20 10 air cargo threat as well as other plots that were effectively mitigated. some more international in scope and origin like the christmas they plot was involved a nigerian citizen who purchased his ticket in ghama,. flew from legos to amsterdam and attended to ignite a bomb en route to america. that attempted attack, we learned that relevant information possessed by u.s. customs and border protection needed to be available overseas at the last point of departure for the united states. we fixed that. we learned that our adversaries were moving to nonmetallic devices. we adapted our screening technology and tactics to counter that. learned that a single vulnerability in any part of the aviation system can make everyone connected to it vulnerable. since we don't control security at foreign airports, we have to work even more closely with international partners to raise the overall security of the system. we did that. shortly after the christmas day plot, i launched a worldwide initiative to make these needed changes in close collaboration with our strongest allies. i am
-free municipal bond, but does detroit give you cause for concern? and other cities across the country that are in similar condition? >> well, i wouldn't touch the cities. you've got to do your homework. so, cities, whether it is harrisburg or detroit or stockton, california, they're are a number of cities you've got to get under the hood and look at the credits but if you look at the highest grade, quality tax-free bond today, they're out there with the yields between 4 and 5% and they're not city credits. they're not detroit's. when that analysis is done, at our present tax structure the taxable equivalent yield is about nine. where are you going to get nine in a liquid investment of very high credit quality? i don't see very much of it. so we shifted allocation to tax-free bond. ashley: very good. do your homework. always good advice. david kotok, thank you so much for joining us. we appreciate it. >> thank you. lori: let's take a specific look at the market because the gains thus far are evaporating slightly. lauren simonetti joins us from the floor of the stock exchange. you're wa
, in southwest georgia, the black belt of alabama, in harlem, in chicago, detroit, philadelphia, and all over this nation, the black masses are on the march for jobs and freedom. >> in the five decades since, john lewis has become an icon of the civil rights movement, a hero who faced down brutal southern police in the name of freedom and was beaten bloody for daring to do so. today, he is a 14-term congressman from georgia. recently, he and i returned to the national mall in washington to remember that day in 1963 and the march that changed america. >> people were all the way down. and you just saw hundreds and thousands of individuals. i'm john lewis. and i was the youngest speaker. ten of us spoke. i spoke number six. dr. king spoke number ten. and out of the ten people that spoke that day, i'm the only one still around. >> congratulations. >> what's that? >> congratulations. >> thank you very much. >> it was a great moment in american life. >> you were his friend? >> yeah. i got to know dr. king. i met him in 1958 when i was 18. but i first heard of him when i was 15 years old, in the 10t
government must step in to ensure the state and local government. the problem detroit faced is that -- >> state, local, and tribal government. >> and tribal government. [laughter] >> okay. >> the problem with detroit, unlike many municipalities that depend on revenue from real estate tax, they run on income taxes. they never recovered from 2001. the black unemployment rate never recovered from 2001. that downturn decimated the revenue stream for the city, and it never came back. if there are banks that are too big to fail, and we have to step in to make sure they function, there are cities that are too big to fail. [applause] >> bankruptcy in one of those cities. >> yes, and so it is not enough for the administration to say, oh, we're behind you, droit. no. we said to wall street, $800 billion we're behind you, so that's being behind me. [laughter] >> okay. behind you, what are the policies? >> so, wall street caused more damage than what we have put into the budget. there needs to be a financial transaction tax because when they gamble, we lose. [applause] they have to pay
't have to look any more at greece and portugal. we can look close by at detroit . folks, that is a picture of where liberal progressive ideas go. detroit was america's premier city. highest per capita income in the country. proud of our country and the auto business there. but then as you had government unions grow and higher taxes, and more regulation, as you saw these liberal progressive ideas that were supposed to help the poor and build a middle class, what have we been left with in detroit? for minorities and the poor? unemployment, about 40%. has it helped children get a better education? only 7% of children in the eighth grade read at the grade level. has it created the prosperity that they talk about when a third of the buildings are empty, where you've got 400ly quor stores and until a few weeks ago not one chain super market in what was america's premier city. folks, it's not a theatrical argument any more. and the states of california and illinois and other states following that policy are not far behind in some form of bankruptcy. our ideas are being show cas
people have strong 04. you cannot rob people in detroit of their pensions. if we stand by while they take their pensions, they will take our pensions. don't think it will happen -- will happen to us. they will do it again. inequality is a skirt on our society. and -- a scourge on our society. and yes, we're talking about $7 an hour workers and we got to do something about it, but on this side of it, some people are doing pretty good. between 1979 and 2007, a time frame of all of a less than 20 years, real income went up by the 240% for those in the top 1%. it is a shameful thing. it is a moral issue. we've got to fight back. our economy is capable of producing enough good paying jobs for everyone. [applause] our economy can do it. this economy can do it. but we cannot do it while we are getting trade deals that are shipping our jobs overseas. they just leaned on us a few months ago for this south. deal that they said would create jobs. the -- this south korea deal that they said would create jobs. it has already cost jobs. i'm not against trade. but these are not really trade deals, but i
've got to say, you cannot rob the people of detroit of the pension. they worked hard for these pensions. and let me tell you something, if we stand by what they take the detroit pension they will be taking our pensions. so don't think it will happen to us. if they can set a precedent, they will do it to us again. let me just tell you this. inequality is a scourge on our society. and yes, we're talking about low-wage workers making $7.25 an hour. we've got to do something about it. but there's the other side of that, the other side of that is that some people are doing pretty good. so between 1979-2007, a period, although less than 20 years, real income rose by 240% for those at the top 1%. it's a shameful thing. it is a moral issue. and we've got to fight back at this. let me tell you, our economy is capable of producing enough good paying jobs for everyone. [applause] our economy could do it. this economy can do it. but we can't do it while we're getting trade deals that are shipping our jobs overseas, that just leaned on us a few months ago for the south korea the other said it will c
detroit, michigan, which is where i live now, but she knew and i knew from reading different publications like "jet." our black newspaper was then called "the michigan chronicle." i remember vividly seeing the picture of mr. evers after he had been killed. but growing up in the north, in detroit, i lived the dream that dr. king spoke of. i went to integrated schools. i lived in an integrated neighborhood. my friends were both white and black, all through school. it disturbed my mother and it disturbs me that people in the south had problems, they could not live the life that i lived. we dined at lunch counters and took public transportation in contrast to what you heard about rosa parks and others. we rode on the bus -- it was called the dsr then. and we would ride wherever we wanted to go and sit wherever we wanted to sit. coming to the march for us meant supporting the travesties that were happening in the south. and not just my mother and i, obviously. 250,000 people felt the same way. those that could get there. there were many who watched from their tv's at home that felt the same wa
, the justice department, you can go on and on. it is like they want us to be detroit. we did not vote for him. he got no votes from this state. thank you, obama. e are paying for it. he does an in run around everybody. what can we do to get oklahomans working, to get these things implement it without them sitting up there and saying, this is what you are going to do. instead of the people that own this country telling them what to do. [applause] >> you know, i would tell you, do not blame it all on obama. they were uncontrolled bureaucracies under george bush. i experienced them. he did, too. it goes back to the thing we started with. this government is on -- out of control. it has been predicted by historians our republic would fail. the question is, how do we cheat history? how do we go back? how do we re-embraced the things that made america great? as i said earlier, we have to get in charge. i have been working for nine years to try to make a big difference. i have made a small difference, not a big difference. i worked every day -- > we are going to leave this -- i'm convinced the only w
Search Results 0 to 9 of about 10

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